London listed cash-shell SigmaRoc Plc (LON:SRC) has announced a £45mln acquisition of LafargeHolcim subsidiary Ronez.
To pay for the deal the company is concurrently raising £50mln through a placing - issuing 100mln new shares and 10mln convertible loan notes – which will also give the group working capital.
Ronez is a revenue generating producer of construction materials and it operates two hard rock quarries in the Channel Islands (one in Jersey and one in Guernsey) estimated to host around 9.5mln tonnes of product. Last year the company made a £2.94mln profit from £26.3mln of revenue.
SigmaRoc chief executive Max Vermorken, in a statement, told investors that Ronez is the first of deal out of a pipeline of value accretive deals.
"Ronez presents an excellent opportunity to acquire a profitable and well managed building materials business in a very stable market. It will be our cornerstone asset and a great starting point in the journey to grow a niche focused building materials business,” Vermorken said.